Can I Rent and Purchase the Same Piece of Property? Huh!?!?!?

[Lorraine Hadden]

Short answer, for us, was YES!!

Here's the stoy...We found a 3b/2b SFR and wanted to make an offer. We also had someone that needed to occupy the property IMMEDIATELY! Problem is ..We didn't own it!! How do we rent it to them?

I asked my agent to submit a rental agreement and purchase agreement to the seller for the same piece of property.  He had never don't that type of deal before and was not sure how this would turn out..but, he went ahead and presented it to the seller's agent.

Seller was OK with the RENT PURCHASE AGREEMENT and approved our request. Seller was glad to have it rented and getting some much needed though temporary income (30 days rent plus a deposit).  

This was a WIN...WIN.  We closed 30 days later.  Seller got paid. The Settlement terms credited the rent deposit back. Which renter wanted applied to future rents. We now own a fully rented property with little effort!!

Moral of the story.....be willing to be creative in your approach to deals!